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Europäischer Zinslastenausgleich — eine sinnvolle Alternative zu EZB-Anleihekäufen

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  • Hayo Reimers

Abstract

The eurozone’s public debt crisis is not over yet - as displayed in the still substantial yield spreads between “northern” and “southern” euro government bonds. Whereas the ECB tried to tackle this problem by announcing (in Sept. 2012) its willingness to conduct unlimited “outright monetary transactions” to the benefit of the southern countries, the German “Institut für Weltwirtschaft (IfW)” offered a less risky option in its “Kiel policy brief” (Jan. 2013): it suggested narrowing this yield spread by establishing a “yield spread compensation fund”, which would balance out interest payments among euro countries. Though this may sound like the first concrete eurozone bailout mechanism, the idea really is a risk-free debt alleviation tool, matching windfall gains with windfall profits without too much of a bailout. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2013

Suggested Citation

  • Hayo Reimers, 2013. "Europäischer Zinslastenausgleich — eine sinnvolle Alternative zu EZB-Anleihekäufen," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 93(2), pages 120-123, February.
    • Handle: RePEc:spr:wirtsc:v:93:y:2013:i:2:p:120-123
    DOI: 10.1007/s10273-013-1495-3
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    Keywords

    E43; G28; H63;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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